|New research published today by De Beers Group in its latest Diamond Insight Report finds that motivations for diamond jewelry purchases are evolving as relationship dynamics and perceptions of femininity are changing, and women's roles in society are expanding.
The report finds that social and economic changes are leading to expanded symbolism for diamond jewelry, which is increasingly being used to celebrate occasions such as a new job, promotion, or personal achievement which are beyond the traditional relationship milestones. The report also finds record levels of self-purchase by women which are increasing alongside their increased economic participation and higher earnings.
A third element that the De Beers Insight Report sees as impacting motivations for diamond jewelry purchases is identified as an emerging new perception of femininity which is more closely associated with strength and confidence. This, says the report, is leading to diamonds being purchased to symbolize a wider range of emotions, such as joy, optimism and pride, and to the emergence of a new class of consumer: the mature single woman.
Bruce Cleaver, CEO, De Beers Group, said: "These societal and economic changes will have direct consequences for a wide range of industries, but they are especially exciting for the diamond sector. As diamonds are among the most powerfully symbolic purchases, as they lend themselves to individual design, and as they are effectively a hybrid of product and experience, the new trends present a major opportunity to build on the existing base of demand."Continues Cleaver: "While the giving of diamond jewellery as a token of love and commitment continues to constitute the majority of purchases, it's encouraging to see these additional sources of demand emerge. It's also great to see women buying more diamond jewellery for themselves in recognition of their achievements, or simply because they want to and they can. The diamond industry now needs to focus on what female consumers are telling us about how they feel about diamonds and make sure that products and buying experiences match their expectations."